Where is the Market? Evidence from Cross-Listings in the U.S.

We explore two main questions. First, can two markets for a company’s shares coexist and, if so, what determines the distribution of trading volume across them? For firms cross-listed in the U.S. we find that in most cases U.S. trading is a significant fraction of total volume, and tends to be larger for companies based in countries that are geographically close, with low financial development and poor anti-insider trading protection. Moreover, the relative size of the U.S. market is larger if the company is small, volatile and high-tech. Second, we ask whether developing an active foreign market entails lower domestic trading activity. We find that for firms based in developed markets, the domestic turnover rate increases in the wake of cross-listing and remains permanently higher. In contrast, emerging market firms tend to experience a decrease in domestic trading activity.trading volume, cross-listing, flow-back

What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions

Despite the increasing integration of capital markets, geography has not yet become irrelevant to finance. Between 1986 and 1997, European public companies have increasingly listed abroad, especially in the U.S. We relate the cross-listing decisions to the characteristics of the destination exchanges (and countries) relative to those of the home exchange (and country). European companies appear more likely to cross-list in more liquid and larger markets, and in markets where several companies from their industry are already cross-listed. They are also more likely to cross-list in countries with better investor protection, and more efficient courts and bureaucracy, but not with more stringent accounting standards.cross-listings, going public, initial public offerings, geography, stock market competition

Harmonic behavior of metallic glasses up to the metastable melt

In two amorphous alloys ZrTiCuNiBe and ZrAlNiCu coherent neutron scattering has been measured over five decades in energy, including measurements in the metastable melt of a metallic alloy more than 80 K above Tg. In the vibrational spectra a pronounced "boson" peak is found: Even in crystallized samples the density of states exceeds the Debye ω2 model, and in the amorphous state low-frequency vibrations are further enhanced. The peak position shows no dispersion in q, while intensities are strongly correlated with the static structure factor. Over the full energy range the temperature dependence is strictly harmonic. From high-energy resolution measurements we establish lower bounds for the temperatures at which structural α and fast β relaxation become observable

The Role of Afrocentric Features in Mental Healthcare Utilization and Counselor Preferences in Black College Students

Though mental health issues are prevalent in Black young adults, they underutilize mental healthcare services. This research examined the role of feature-based discrimination in mental healthcare (under)utilization. Study 1, a secondary analysis of the National Longitudinal Study of Adolescent to Adult Health, provided no evidence supporting a link between skin tone and mental healthcare utilization, when controlling for depression diagnosis. However, when controlling for depression symptoms, there was a trend such that Black young adults with darker, as opposed to lighter, skin tone utilized healthcare less. Study 2, an experimental study with 33 Black college students, showed 73% of the sample preferred a Black counselor. Additionally, they preferred counselors with darker skin, wider nose, and thicker lips, compared to counselors with lighter skin, narrower nose, and thinner lips. These findings suggest the importance of taking into account Afrocentric features and its social consequences when assessing health-related behaviors in Black Americans

“Is therapy for me?” Perceptions of Therapy Inclusivity and Willingness to Seek Help among Black Emerging Adults

Mental health issues are prevalent among Black emerging adults; however, they tend to underutilize mental healthcare services. The goals of the current study were to examine whether: (1) perceived therapy inclusivity would predict willingness to utilize mental healthcare services and (2) the relationship between perceived therapy inclusivity and willingness would be moderated by two indices of racial identity (i.e., centrality and private regard). Results provide evidence that greater perceptions of therapy inclusivity are associated with greater willingness to seek mental health services even after controlling for factors, such as gender, self-stigma, and previous mental healthcare utilization. Additionally, there was no evidence to suggest that racial identity moderates the relationship between perceived therapy inclusivity and willingness to use mental health services. These findings suggest that Black emerging adults may be more willing to utilize mental health services and engage with the mental healthcare system if they perceive that mental health services are for them. Findings from this dissertation project have implications for clinical practices to increase Black adults’ perceptions of therapy inclusivity. Recommendations include developing trainings about Black people’s experiences in the mental health system, building relationships with Black communities, and providing culturally responsive treatments. The findings also have policy implications. Specifically, structural changes (e.g., increasing Black adults’ representation in clinical staff and leadership) must be made to the mental healthcare system to increase Black adults’ perceptions of therapy inclusivity and willingness to seek care. Such intentional measures will help to create a better, more inclusive system for all Black adults

I will trade, just not today: Individual investor trading activity around birthdays

In this paper we provide new evidence of investor inattention by showing that personal occurrences such as birthdays are able to drive attention away from the stock market. We document that individual investors significantly reduce their trading activity in the 3 days around their birthday. The reduction in the propensity to trade is larger for more active traders, in the event of a decade birthday and when this celebrative event falls on a Friday. Results are robust to analyses focusing only on days when investor attention should be at its peak, as expressed by excess news coverage and trading volumes

Investigation of the Failure Modes of Textile-Reinforced Concrete and Fiber/Textile-Reinforced Concrete under Uniaxial Tensile Tests

Recently, innovations in textile-reinforced concrete (TRC), such as the use of basalt textile fabrics, the use of high-performance concrete (HPC) matrices, and the admixture of short fibers in a cementitious matrix, have led to a new material called fiber/textile-reinforced concrete (F/TRC), which represents a promising solution for TRC. Although these materials are used in retrofit applications, experimental investigations about the performance of basalt and carbon TRC and F/TRC with HPC matrices number, to the best of the authors' knowledge, only a few. Therefore, an experimental investigation was conducted on 24 specimens tested under the uniaxial tensile, in which the main variables studied were the use of HPC matrices, different materials of textile fabric (basalt and carbon), the presence or absence of short steel fibers, and the overlap length of the textile fabric. From the test results, it can be seen that the mode of failure of the specimens is mainly governed by the type of textile fabric. Carbon-retrofitted specimens showed higher post-elastic displacement compared with those retrofitted with basalt textile fabrics. Short steel fibers mainly affected the load level of first cracking and ultimate tensile strength

Fast relaxation in a fragile liquid under pressure

The incoherent dynamic structure factor of ortho-terphenyl has been measured by neutron time-of-flight and backscattering technique in the pressure range from 0.1 MPa to 240 MPa for temperatures between 301 K and 335 K. Tagged-particle correlations in the compressed liquid decay in two steps. The alpha-relaxation lineshape is independent of pressure, and the relaxation time proportional to viscosity. A kink in the amplitude f_Q(P) reveals the onset of beta relaxation. The beta-relaxation regime can be described by the mode-coupling scaling function; amplitudes and time scales allow a consistent determination of the critical pressure P_c(T). alpha and beta relaxation depend in the same way on the thermodynamic state; close to the mode-coupling cross-over, this dependence can be parametrised by an effective coupling Gamma ~ n*T**{-1/4}.Comment: 4 Pages of RevTeX, 4 figures (submitted to Physical Review Letters